Worldwide electric car production predicted to soar by 67% in 2014!

According to IHS, a research firm, global electric vehicle production should increase by a massive 67% in 2014. This is to be driven partly by tighter emission standards in Europe, which will move to the Euro 6 standard during the latter part of the year, as well as by the introduction of new models and falling prices. This would make the worldwide EV installed base grow to 1.1 million by the end of the year.

Most plug-in vehicle charging is done at home, but IHS also predict that 35,000 charging stations will be installed this year in public or semi-public places.

Not surprisingly, prices are expected to keep falling:

The price of EVs is expected to decrease in 2014, as more OEMs enter the market place. Although Nissan recently announced a slight price increase on the 2014 Leaf from last year, there is a decrease of about $6,000 between the 2012 and 2014 models. The price of the 2014 Chevrolet Volt also experienced a similar price drop, and other vehicle models will likely follow the trend.

In 2014 and the coming years, automakers will deliver concept and production EVs with large batteries that have capacities of approximately 40 kilowatt hours (kWh), which equates to at least a 150-mile range. Lithium-ion battery prices are decreasing as a result of the price war between LG Chem, the battery supplier to the Chevrolet Volt; and Panasonic, the battery supplier for Tesla’s Model S. Because of this, carmakers can afford to put larger batteries into their vehicles and reduce range anxiety.